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CHAOS EXPECTED Over New Tax Form “Error”

HMRC have come up with a new system where tax forms are already pre-filled with your data, in a bid to make the process of self assessment more simple.

It sounds like a good idea if you ask me, because as all of you contractors, freelancers, gig workers, and business owners will be all too aware, spending hours filling out tax forms is a major hassle.

However, some experts are predicting that around 10% to 20% of these pre filled forms will actually contain errors, which means innocent self employed people around the country are going to be paying too much tax.

Yet again, it is the hard working people of the UK who get taken for a ride, while the super rich billionaire playboys relax in their luxury yachts around Monte Carlo and have never even seen a tax return form. Allegedly anyway.

Many pundits are predicting this “simple assessment” that isn’t so simple will cause chaos around the country, especially when you consider that any error on the form only has 60 days to be challenged and corrected.

A lot of our nations self employed don’t have the time to be going over every sentence on their pre-filled tax return and then having to check it against their books. There are only so many hours in the week, and most of them are spent doing the things that make you money.

For this reason, I would advise every contractor, freelancer, gig worker and business owner to hire an accountant immediately. Let them take care of that side of your business so you can do what you do best.

Any decent accountant will be well versed in the art of finding mistakes on self assessment tax forms, and once found, they can challenge the mistake and get it corrected…all without you having to lift a finger. That’s what you pay them for.

Not sure where to find a good accountant? How about right here at Contractor Accountants, where you can find the details of professionals who specialise in saving you the most amount of money, legally of course, while at the same time making sure you don’t get into trouble with HMRC.

It doesn’t matter how much you are making either. Some contractors and freelancers think that just because they only bring home £30,000 a year they don’t really need an accountant and would be better off doing the books themselves.

Unfortunately, it isn’t as simple as that, and the truth of the matter is that thousands of self employed people are paying more tax than they should.

Add to the mix this new pre-filled self assessment form madness, and that is going to be thousands more that have to pay out extra tax.

Do yourself a favour and just hire an accountant. They pay for themselves anyway, so what are you waiting for? You are in the right place to get started.

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